The Non-Innovation of Cryptocurrency
stephendiehl.com
The Non-Innovation of Cryptocurrency
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Re: The Non-Innovation of Cryptocurrency
#2This article is borderline fear mongering against cryptocurrency.
Re: The Non-Innovation of Cryptocurrency
#3There is innovation in the crypto space but it's not being talked about or covered in mainstream media. Not yet at least.
Just because the author has fallen victim to the media oligopoly and is thus unable to see any innovation past all the flashy CNN, Facebook and Cointelegraph interfaces, doesn't mean there is no innovation occuring.
I'm involved in an innovative project right now which is creating real world economic value. It's small but we've already proved the concept and are profitable. The blockchain adds undeniable value to our use case.
When people finally find out about all the innovation that has been going on outside of their awarenesses, it's going to be a shock and they will regret it.
Re: The Non-Innovation of Cryptocurrency
#4There is innovation in the crypto space but it's not being talked about or covered in mainstream media. Not yet at least. Just because the author has fallen victim to the media oligopoly and is thus unable to see any innovation past all the flashy CNN, Facebook and Cointelegraph interfaces, doesn't mean there is no innovation occuring. I'm involved in an innovative project right now which is creating real world econo…
Are you sure about that?
How did you arrive at the conclusion that it is undeniably a value-add?
Re: The Non-Innovation of Cryptocurrency
#5> no purpose other than to enrich the owners of the various casino fiefdoms who issue those tokens
That can be argued for coins with premines (such as all PoS coins), but PoW coins with no premine or instamine or dev tax, where all coins go to miners, offer no financial reward to the coin creators. Such coins are rather rare though. And ones that do not handicap later miners relative to early miners even rarer.
Re: The Non-Innovation of Cryptocurrency
#6There is innovation in the crypto space but it's not being talked about or covered in mainstream media. Not yet at least. Just because the author has fallen victim to the media oligopoly and is thus unable to see any innovation past all the flashy CNN, Facebook and Cointelegraph interfaces, doesn't mean there is no innovation occuring. I'm involved in an innovative project right now which is creating real world econo…
> When people finally find out about all the innovation that has been going on outside of their awarenesses
Do you have some examples of what you mean? Maybe it would be interesting to get into that
Re: The Non-Innovation of Cryptocurrency
#7> However bitcoin is a technology which did not arise out of an engineering effort directed towards a specific problem or market inefficiency, but instead out of a anarchist political narrative that views democratic control of the money supply and law enforcement as the problem.
omg this is painful. democratic control of money supply? no market inefficiencies? does author live in a separate reality?
bitcoin is the biggest invention in financial world since sliced bread - dematerialized, decentralized, censorship resistant, scarce, non-debaseable, with clear issuance schedule, asset and transaction platform with incentive structure that ensures security and functioning for hundred years.
Re: The Non-Innovation of Cryptocurrency
#8There is innovation in the crypto space but it's not being talked about or covered in mainstream media. Not yet at least. Just because the author has fallen victim to the media oligopoly and is thus unable to see any innovation past all the flashy CNN, Facebook and Cointelegraph interfaces, doesn't mean there is no innovation occuring. I'm involved in an innovative project right now which is creating real world econo…
Are you sure about that? How did you arrive at the conclusion that it is undeniably a value-add?
We came up with a way to allow investors to independently verify how much profit a business makes with certainty without having to trust company directors or accountants.
Clearly this is a value-add for new/small companies which don't yet have a reputation as it reduces risk for the investor. It's also a value-add for investors of big companies as it prevents them from being mislead about quarterly profits.
In our specific case, we applied it to a real estate rental business. We use the token as the primary store of value for the profits of the underlying economic activity. We have a holding company but the share was made worthless as part of the company's memorandum of incorporation. This can be achieved with a couple of simple clauses.
The token is a much more transparent and more reliable financial instrument to represent ownership of some economic activity than the share.
Being able to then trade it on decentralized exchanges is another advantage but more of a convenience at this stage.
The next phase for the community will be to build search engines which can crawl blockchains and decentralized exchanges to find tokenized businesses.
Re: The Non-Innovation of Cryptocurrency
#9Blockchains and crypto tech does seem to provide solutions to many challenging problems: distributed ledgers, immutable and decentralized data, ownerless contracts and program execution, secure and decentralized ownership of a digital asset (eg: owning a domain name), programmable free markets, preventing the double spend problem, etc.
These may not be problems the author is interested in, but it does not mean the technology as a whole achieves nothing.
For what it’s worth: I would welcome more technology and innovations that solves the above problems without the need for casino style speculation and ecologically harmful PoW algorithms.
Re: The Non-Innovation of Cryptocurrency
#10I understand having a negative opinion of crypto but this comes off as nearly totalitarian and tyrannical. The norm for liberal democracies is to regulate moderately and find compromise, not wholesale push a single interested party’s will.